How does a buying out on a home work?

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I have been separated from my husband for a year and half. I have given him plenty of time to refinance the home to get it out of my name. In the meantime he has ruined my credit badly with paying late on the mortgage a total of five months. I’m not sure how a buying out works with a house. People have told me different things. I am looking for a lawyer to. If anyone has went through this it would greatly be appreciate if you could give me some advice

4 Comments
  1. Reply
    Joy
    November 10, 2011 at 4:55 pm

    I think you have to have the house appraised and then you take half of that sale price.

  2. Reply
    travelingsupervisor
    November 10, 2011 at 4:56 pm

    get the attorney,,, maybe you will get the entire house not just half

  3. Reply
    Gary B
    November 10, 2011 at 5:19 pm

    You are taking the correct first step — get a lawyer.

    Usually, after that any reasonable price the two of you can agree upon will usually be acceptable by the court, unless the price is so ridicuculously low as to be clearly a case of fraud — like $ 1.

    CAUTION: Do NOT accept any offer to “pay on time”. You need cash up front. I’ve talked to several people who made arrangemtn like “$ 500 now, and $ 1000 for the next six months” but the NEVER get more than the first $ 500. In this case the court just considers that a “bad debt”, and you have to open a case in Small Claims court to get your money — IF you get any at all.

    No, if you agree on, say $ 6000, then be sure that you get a CASHIERS check for $ 6000 when the deal closes.

    Talk to your lawyer.

  4. Reply
    Michelle
    November 10, 2011 at 6:07 pm

    Get a divorce and give him the house and make sure it says he is fully responsible for payments. Once you have a divorce decree that says he is responsible, not you, then you can buy a new house through an FHA loan with a letter of explanation and the divorce decree. There’s no way to fix your credit, but I’d suggest buying your own home after the divorce is final and do not buy him out.

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